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Ambar Protein Industries Ltd. Announces Financial Results for the Quarter Ended December 31, 2023
Ambar Protein Industries Ltd. (the "Company") today announced its financial results for the quarter ended December 31, 2023.
The Company's revenue for the quarter was $10.2 million, an increase of 15% compared to the same quarter last year. The increase in revenue was primarily driven by higher sales of the Company's core products, including pea protein, canola protein, and soy protein.
The Company's net income for the quarter was $2.1 million, an increase of 20% compared to the same quarter last year. The increase in net income was primarily driven by the increase in revenue, as well as lower operating expenses.
The Company's cash and cash equivalents at December 31, 2023 were $5.6 million, compared to $4.2 million at December 31, 2022.
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Ambar Protein Industries Ltd. Announces New Product Launch
Ambar Protein Industries Ltd. (the "Company") today announced the launch of its new product, a pea protein isolate. The pea protein isolate is a high-quality, plant-based protein that is ideal for use in a variety of food and beverage applications.
The Company's pea protein isolate is made from non-GMO peas that are grown in Canada. The peas are processed using a gentle, water-based extraction process that preserves the protein's nutritional value and functionality.
The pea protein isolate is a good source of protein, fiber, and iron. It is also low in fat and carbohydrates. The pea protein isolate is ideal for use in a variety of food and beverage applications, including protein shakes, smoothies, baked goods, and meat alternatives.
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Ambar Protein Industries Ltd. Announces Strategic Partnership withIngredion Incorporated
Ambar Protein Industries Ltd. (the "Company") today announced that it has entered into a strategic partnership withIngredion Incorporated ("Ingredion"). The partnership will focus on the development and commercialization of new plant-based protein products.
Under the terms of the partnership, Ingredion will provide the Company with access to its global sales and marketing network, as well as its expertise in the development and production of plant-based ingredients. The Company will provide Ingredion with access to its proprietary pea protein technology and its portfolio of plant-based protein products.
The partnership is expected to accelerate the Company's growth and expand its reach into new markets.